Bedek to Convert Four Aircastle's Boeing 737-400 Aircraft into Special Freighters

Released on Monday, August 04, 2008

Israel Aerospace Industries (IAI)'s Bedek Aviation Group has been awarded a contract from an affiliate of U.S. leasing company Aircastle Limited (NYSE: AYR) to convert four Boeing 737-400 aircraft from passenger to special freighter configuration.

Work on the first Aircastle B737-400 will begin in the third quarter of 2008.

Bedek is already under contract to convert two Boeing 747-400 airplanes for Aircastle.

"We are very pleased that Aircastle continues to use Bedek to perform conversion work for them," said Dany Kleiman, IAI Vice President and General Manager of Bedek Aviation Group. "Bedek is a world leader in converting passenger to freighter configurations, providing high quality products at competitive prices," added Kleiman.

"We believe the freighter conversion market continues to offer attractive opportunities to extend the useful life of aircraft such as the 737-400 and are very pleased to continue building on our strong relationship with Bedek," commented Ron Wainshal, Aircastle's CEO.

IAI's Bedek Aviation Group also has Supplemental Type Certificates to convert B747-400, B767-200 and B737-300 aircraft.

Bedek has completed the design for the B737-400 and anticipates that it will shortly complete the design for the B767-300 conversion program.

Aircastle is a global company that acquires and leases high-utility commercial jet aircraft to airlines throughout the world.